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Home > Market Research > Medical Devices > The Medical Device Market: Finland
Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Finland is one of the northernmost countries in Europe and covers around 338,000km2, of which 10% is water. The population is estimated at 5.3 million in 2009, resulting in a population density of 17.1 people per square kilometre.
Healthcare expenditure has continued its steady growth in the past few years, increasing by 4.6% in 2006 to 13.6 billion euros (US$17.1 billion), with private expenditure accounting for around 24.0% of the total.
Imports of medical devices to Finland increased by a CAGR of 13.2% between 2004 and 2008 to reach US$793.2 million in 2008. Between 2003 and 2007, domestic production fell by 8.8%, but still amounted to 640.3 million euros (US$877.7 million) in 2007. Finland exported US$1,295.2 million of medical devices in 2008, of which 25.6% was dental products and 22.5% was diagnostic imaging apparatus. As a result of these trade figures, Finland is one of only a few countries to have a positive trade balance.
The Finnish market for medical devices is predicted to increase by 7.6% per annum at constant prices to attain a value of US$1,291 million by 2014. The current market size is estimated to be worth US$893 million, equal to US$168 per capita.
However, Finland is likely to be affected by the global economic downturn, with GDP real growth expected to fall to -5.7% in 2009, according to figures from the Economist Intelligence Unit, and beginning to recover by 2011 with a real growth of 1.8%.
Domestic production of medical devices is from many small scale enterprises, focussing on niche markets. The largest domestic producer, Instrumentarium, was de-listed from the Helsinki stock exchange in 2004 and is now a subsidiary of GE.
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